Sen. Daines Reintroduces the Main Street Certainty Act
Sen. Daines (R-MT) reintroduces the Main Street Certainty Act, which we supported in the last Congress, and it would make permanent the 20-percent deduction for small- and individually owned businesses (Section 199A). This legislation would provide certainty to the millions of S corporations, partnerships and sole proprietorships that rely on the Section 199A deduction to remain competitive both here and overseas. Individually- and family-owned businesses organized as pass-throughs are the backbone of the American economy. They employ private-sector workers and represent 95 percent of all businesses. They also make up the economic and social foundation for countless communities nationwide. Without these businesses and the jobs they provide, many communities would face a more uncertain future of lower growth, fewer jobs, and more boarded-up buildings. Despite this, Section 199A is scheduled to sunset at the end of 2025, even as the businesses it supports continue to recover from the COVID-19 pandemic and the price hikes, labor shortages, and supply chain disruptions that followed. Making the Section 199A deduction permanent will help Main Street during this very difficult time, leading to higher economic growth and more employment.